It is known to provide an apparatus on a lathe for holding a plurality of tools, any one of which can be brought into a work position adjacent a rotatable workpiece also carried on the lathe. In U.S. Pat. No. 3,867,756, there is shown a tool changing device in which the tool holder is moved between a magazine or storage position and an operating position on a turret of the lathe cross slide by means of a transfer device in a single rectilinear movement. The magazine, constructed in the form of an endless belt, is guided around two reversing points and is also connected with the cross slide. This obviates the travel paths of the cross slide and longitudinal slide during tool change necessary in the case of stationary magazines so that idle times are greatly reduced.
However, this structure has the disadvantage that it is necessary to move rather large masses together with the cross slide. It is also difficult to protect such a tool-changing device from the turnings which are cut from the workpiece and from other dirt during the working sequence, the turnings and dirt frequently leading to operating faults and imprecise turning work.